Business Week in Review: Double down for remade Lincoln Park

Friday

Jun 26, 2009 at 12:01 AMJun 26, 2009 at 2:20 PM

Review of the top local business stories of the past week.

The old Lincoln Park racetrack in Lincoln, R.I., was born anew as Twin River with a polished, expanded gambling hall opening in 2007. But the added traffic was not enough to help pay off the debt associated with the image makeover, and Twin River filed for Chapter 11 bankruptcy. The move will make it easier to get state approval to run a 24-hour operation and to end the unprofitable greyhound races there.

Union to vote July 20 on Globe concessions

The Boston Globe's largest union reached a new agreement on $10 million in cost concessions with the paper's management, and it's not that different from the one that the union narrowly voted down earlier this month. The Boston Newspaper Guild contract still would call for a pay decrease and an elimination of lifetime employment guarantees for many employees. The union's full membership, which faces a steep pay cut if it doesn't approve the new contract, will vote on the plan on July 20.

Boston Scientific CEO aims to diversify

Boston Scientific Corp. could take a new direction now that it has a new chief executive lined up. The Natick-based company tapped Ray Elliott, a longtime executive in the medical device field and a Boston Scientific board member until recently, to take over for departing chief Jim Tobin. Elliott plans to further diversify the company's medical device products and resolve pending quality control issues with federal regulators.

Boston broker linked to Madoff scam under investigation by SEC

The Securities and Exchange Commission widened its reach in its investigation of the Bernie Madoff scandal by filing a fraud complaint against additional defendants, including Robert Jaffe, a broker who had acted as Madoff's rainmaker in Boston. Jaffe, who now lives in Florida, continued to maintain that he was another victim of Madoff's massive Ponzi scheme, and not a willing participant.

The Patriot Ledger

Never miss a story

Choose the plan that's right for you.
Digital access or digital and print delivery.